Arrowhead Pharmaceuticals — a California drug development company with most of its operations in Madison — plans to raise $45 million in a private stock offering.

Arrowhead said it is making 7.63 million shares of common stock available, at $5.90 a share, with Cantor Fitzgerald & Co. as the sole placement agent. The offering is expected to close by Aug. 12.

The stock sale would bring in $45 million before expenses are subtracted. Read the full story here.